South Carolina Code of Laws
Chapter 3 - Loans
Section 37-3-109. "Loan finance charge" defined.

(1) "Loan finance charge" means the sum of:
(a) all charges payable directly or indirectly by the debtor and imposed directly or indirectly by the lender as an incident to the extension of credit, including any of the following types of charges which are applicable: interest or any amount payable under a point, discount or other system of charges, however denominated, premium or other charge for any guarantee or insurance protecting the lender against the debtor's default or other credit loss; and, except as otherwise provided in this section;
(b) charges incurred for investigating the collateral or creditworthiness of the debtor or for commissions or brokerage for obtaining the credit, irrespective of the person to whom the charges are paid or payable, unless the lender had no notice of the charges when the loan was made but excluding fees and charges paid to persons registered as mortgage loan brokers pursuant to Chapter 58 of Title 40. The term does not include charges as a result of default, additional charges (Section 37-3-202), delinquency charges (Section 37-3-203), or deferral charges (Section 37-3-204), or in a consumer loan which is secured in whole or in part by a first or junior lien on real estate, charges incurred for appraising the real estate that is collateral for the loan, if not paid to the creditor or a person related to the creditor.
(2) If a lender makes a loan to a debtor by purchasing or satisfying obligations of the debtor pursuant to a lender credit card or similar arrangement, and the purchase or satisfaction is made at less than the face amount of the obligation, the discount is not part of the loan finance charge.
HISTORY: 1962 Code Section 8-800.239; 1974 (58) 2879; 1976 Act No. 686 Section 24; 1982 Act No. 385, Section 28; 1988 Act No. 614, Section 1.

Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 37 - Consumer Protection Code

Chapter 3 - Loans

Section 37-3-101. Short title.

Section 37-3-102. Scope.

Section 37-3-103. Index of definitions.

Section 37-3-104. "Consumer loan" defined.

Section 37-3-105. First mortgage real estate loans.

Section 37-3-106. "Loan" defined.

Section 37-3-107. "Lender"; "precomputed"; "principal" defined.

Section 37-3-108. "Revolving loan account" defined.

Section 37-3-109. "Loan finance charge" defined.

Section 37-3-200. Restricted loans and restricted lenders.

Section 37-3-201. Loan finance charge for consumer loans.

Section 37-3-202. Additional charges.

Section 37-3-203. Delinquency charges.

Section 37-3-204. Deferral charges.

Section 37-3-205. Loan finance charge on refinancing.

Section 37-3-206. Loan finance charge on consolidation.

Section 37-3-207. Conversion to revolving loan account.

Section 37-3-208. Advance to perform covenants of debtor.

Section 37-3-209. Right to prepay.

Section 37-3-210. Rebate upon prepayment.

Section 37-3-301. Application of and compliance with Federal Truth in Lending Act.

Section 37-3-302. Receipts; statements of account; evidence of payment.

Section 37-3-303. Notice to cosigners and similar parties.

Section 37-3-304. Advertising.

Section 37-3-305. Filing and posting maximum rate schedule.

Section 37-3-306. Notice of assumption rights.

Section 37-3-308. Manufactured home loan disclosure; material terms.

Section 37-3-401. Scope.

Section 37-3-402. Balloon payments.

Section 37-3-403. No assignment of earnings.

Section 37-3-404. Attorney's fees.

Section 37-3-405. Charges as a result of default prohibited except as authorized by title.

Section 37-3-406. Notice of assignment.

Section 37-3-407. Authorization to confess judgment prohibited.

Section 37-3-408. Change in terms of revolving loan accounts.

Section 37-3-409. Use of multiple agreements.

Section 37-3-410. Lender subject to claims and defenses arising from sale and leases.

Section 37-3-411. Card issuer subject to claims and defenses.

Section 37-3-412. Variable interest rate real estate mortgage loans.

Section 37-3-413. Short-term vehicle secured loans; notice to borrower.

Section 37-3-500. Scope.

Section 37-3-501. Definitions: "supervised loan"; "supervised lender"; "restricted loan"; "restricted lender".

Section 37-3-502. Authority to make supervised loans.

Section 37-3-503. License to make supervised loans.

Section 37-3-504. Revocation or suspension of license.

Section 37-3-505. Records; annual reports.

Section 37-3-506. Examinations and investigations.

Section 37-3-507. Application of Part on Administrative Procedure and Judicial Review.

Section 37-3-509. Use of multiple agreements.

Section 37-3-510. Restrictions on interest in land as security.

Section 37-3-511. Regular schedule of payments; maximum loan term.

Section 37-3-512. Conduct of business other than making loans.

Section 37-3-513. Application of other provisions.

Section 37-3-514. Limitation on attorney's fees.

Section 37-3-515. Loan renewal limitations.

Section 37-3-601. Loans subject to this Title by agreement of parties.

Section 37-3-605. Loan finance charge for other loans.